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The Mounds View Vision A Thriving Desirable Community refinancing, and gap financing of housing to provide affordable housing to households that have incomes which do not exceed: o For homeownership projects, 115% of the greater of state or area median income as determined by the United States Department of Housing and Urban Development o For rental housing projects, 80% of the greater of state or area median income as determined by the United States Department of Housing and Urban Development • Housing developed or rehabilitated with funds under this section must be affordable to the local work force Projects are prioritized that provide affordable housing to households that have incomes that: • For homeownership projects, do not exceed 80 percent of the greater of state or area median income as determined by the United States Department of Housing and Urban Development • For rental housing projects, do not exceed 50 percent of the greater of state or area median income as determined by the United States Department of Housing and Urban Development. Priority may be given to projects that: • Reduce disparities in home ownership • Reduce housing cost burden, housing instability, or homelessness • Improve the habitability of homes • Create accessible housing • Create more energy- or water-efficient homes Gap financing is the difference between the costs of the property and either: o The market value of the property upon sale; or o The amount the targeted household can afford for housing, based on industry standards and practices. If aid received under this program is used for demolition or removal of existing structures, the cleared land must be used for the construction of housing to be owned or rented by persons who meet the income limits described above. If an aid recipient uses the aid on new construction or substantial rehabilitation of a building containing more than four units, the loan recipient must construct, convert, or otherwise adapt the building to include: The greater of: • At least one unit • At least 5% of units that are accessible units, as defined by section 1002 of the current State Building Code Accessibility Provisions for Dwellings Units in Minnesota, and include at least one roll-in shower The greater of • At least one unit • At least 5% of units that are sensory-accessible units that include: • Soundproofing between shared walls for first and second floor units • No florescent lighting in units and common areas • Low-fume paint • Low-chemical carpet • Low-chemical carpet glue in units and common areas Beginning in 2025, aid recipients must submit a report annually, no later than December 1 of each year, to the Minnesota Housing Finance Agency. The report must include documentation of the location of any unspent funds distributed and of qualifying projects completed or planned with funds.